FARFETCH Marketplace And Associated Boutiques And Brands Will Accept Crypto Payments

Later this year, FARFETCH Limited (NYSE: FTCH), the premier global marketplace for the luxury apparel sector, will start taking cryptocurrency payments on the FARFETCH Marketplace. Seven cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), will first be supported by FARFETCH.

Additionally, FARFETCH has joined with prominent cryptocurrency platform Lunu to offer its omnichannel solution, which includes both an online widget and stylish POS terminals for use in-store. This partnership will allow FTCH to share this knowledge and ability with the FARFETCH community of boutiques and brands that also wish to provide this solution in their retail outlets, so assisting the luxury industry in embracing new advancements.

Customers will be able to pay using cryptocurrencies on the FTCH Marketplace for all purchases as well. This functionality will be unveiled to FARFETCH Private Clients first in the upcoming months before being made available to all clients in the U.S., U.K., and Europe starting in late 2022. Other nations will follow.

This comes after the successful introduction of cryptocurrency payments at Browns, a premium retailer owned by FARFETCH, and the Off-White flagship stores in Paris, London, and Milan. The Lunu POS terminal processes safe cryptocurrency transactions at Browns Brook Street and Browns East as well as the Off-White flagship stores, applying the best cryptocurrency-to-fiat exchange rate at the moment of the transaction. Customers are able to access their cryptocurrency wallets to pay for purchases by simply scanning a QR code from their smartphone. Lunu accepts more than 60 popular crypto wallets as a form of payment from FARFETCH customers.

José Neves, Founder, Chairman and CEO, FARFETCH said:

“FARFETCH launched cryptocurrency payments in two very distinct environments – the mono-brand boutique, with Off-White, and the multi-brand boutique, with Browns. This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community. As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow. With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.”

Paul Brennan, Managing Director, Browns said:

“Browns is continuously looking at ways to innovate the retail experience to ensure we are delivering on the ever-evolving needs of the customer. As such, it was a natural next step for us to look at our cryptocurrency strategy. Our Brook Street flagship and Browns East boutique each offer a completely unique luxury proposition, infused with technology and experience. Giving our customers the opportunity to purchase with ease and confidence using their chosen cryptocurrency is an additional layer to this experience within our boutiques that we are proud to now introduce.”

About FARFETCH

FTCH Limited is the leading global platform for the luxury fashion industry. Founded in 2007 by José Neves for the love of fashion, and launched in 2008, Farfetch began as an e-commerce marketplace for luxury boutiques around the world. Today, the FTCH Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and over 1,400 of the world’s best brands, boutiques and department stores, delivering a truly unique shopping experience and access to the most extensive selection of luxury on a single platform. Farfetch’s additional businesses include Browns and Stadium Goods, which offer luxury products to consumers, and New Guards Group, a platform for the development of global fashion brands. FTCH offers its broad range of consumer-facing channels and enterprise level solutions to the luxury industry under its Luxury New Retail initiative. The Luxury New Retail initiative also encompasses Farfetch Platform Solutions, which services enterprise clients with e-commerce and technology capabilities, and Future Retail, which develops innovations such as our Connected Retail solutions.

For more information, please visit www.farfetchinvestors.com

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News